*The National Assembly, in Abuja, passes Nigeria鈥檚 N54.99 trillion 2025 Appropriation Bill into law, indicating N3.645 trillion for Statutory Transfers, N14.317 trillion for Debt Servicing, N13.64 trillion for Recurrent Expenditure, and N23.963 trillion Capital Expenditure (Development Fund) with fiscal deficit estimated at N13.08 trillion for this fiscal year

Isola Moses | 绿帽献妻

The National Assembly (NASS), in Abuja, FCT, Thursday, February 14, 2025, passed the N54.99 trillion 2025 Appropriation Bill.

The Senate and the House of Representatives separately, had earlier passed the year鈥檚 Appropriation Bill.

绿帽献妻 reports Senate President Godswill Akpabio, earlier Thursday, had announced the passage of the 2025 Budget after most members of the Upper Legislative Chamber, in the National Assembly had supported the passage of the 2025 Budget through voice votes.

The Federal legislators supported passage of the Appropriation Bill following their review of a report presented by Senator Adeola Olamilekan, Chairman of the Senate Committee on Appropriations.

Presenting the report to his colleagues Thursday, Olamilekan also noted the Committee recommended that N3.6 trillion be approved for Statutory Transfers, N14.3 trillion for Debt service, N23.9 trillion for Capital expenditure, and N13.8 trillion for Fiscal Deficit.

It is recalled President Bola Ahmed Tinubu, GCFR, in a letter read on the floor of the Senate recently, requested the NASS for an upward budget revision by N4.5 trillion.

Tinubu said he had increased the budget estimate from its initial proposal of N49.7 trillion to N54.2 trillion.

He attributed the development to the recent increase in the West African country’s 2025 Budget proposal to N1.4 trillion in additional revenue from the Federal Inland Revenue Service (FIRS), N1.2 trillion from the Nigeria Customs Service (NCS), and N1.8 trillion generated by other Federal Government agencies.

Following the announcement to the Senators Wednesday, Senator Akpabio referred the President鈥檚 request to the Senate Committee on Appropriations for urgent consideration.

Breakdown of passed Federal budget

A breakdown of the budget indicated N3.645 trillion for statutory transfers, N14.317 trillion for Debt Servicing, N13.64 trillion for Recurrent Expenditure and N23.963 trillion Capital Expenditure (development fund), with fiscal deficit estimated at N13.08 trillion.

The NASS equally put the Deficit-to-Gross domestic product (GDP) Ratio at 1.52 percent.

Abubakar Bichi, Chairman of the House of Representatives Committee on Appropriations, while presenting the bill for consideration, also stated that the Committee met with the Presidential Economic Planning team to further discuss revenue projections and expenditure for the 2025 Appropriation Bill.

According to him, the 2025 Appropriation Bill was presented late, compared to that of 2024.

The Chairman, therefore, urged the Executive to present subsequent budgets to the National Assembly not later than three months before the next fiscal year so as to maintain the January to December budget cycle.

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